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FLYHT Agrees to Purchase Shares of CrossConsense, Adding Strategic Capabilities in Aircraft Maintenance and Expanding European Presence

CALGARY, AB and FRANKFURT, GERMANY / ACCESSWIRE / January 27, 2022 / FLYHT Aerospace Solutions Ltd.(TSXV:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") and CrossConsense GmbH & Co. KG ("CrossConsense") today announced an agreement whereby FLYHT will acquire all of the outstanding shares of CrossConsense. This acquisition is expected to accelerate FLYHT's strategic roadmap to build out a maintenance capability, and will fulfill the Company's goal to increase its presence in the European and Middle East markets.

CrossConsense develops and markets software to support commercial aviation maintenance management. Products include:

  • A predictive maintenance troubleshooting and engineering tool;

  • Software to support aircraft maintenance, repair and data migration; and

  • Live data dashboards to assist aircraft maintenance teams.

CrossConsense has also constructed a progressive web application plus native apps that offer up-to-date data on an airline's fleet status. Additionally, CrossConsense offers consulting and support services as well as hosting, database operation and performance monitoring of commercial aircraft maintenance applications.

The acquisition of CrossConsense is designed to further cement and extend a number of FLYHT's key commercial objectives. Through this transaction, FLYHT will now be able to build a meaningful European presence, within a major aviation hub, as CrossConsense is based in Frankfurt, Germany. Additionally, the transaction is expected to expand FLYHT's reach into software technical services in support of aircraft maintenance functions. Finally, the transaction is expected to bring new worldwide customers to both companies.

Udo Stapf, the founder and majority shareholder of CrossConsense stated, "The integration of our team and capabilities with those of FLYHT's is expected to meaningfully enhance our capabilities to provide global solutions to our combined customer base of more than 100 airline and cargo customers. Under the FLYHT umbrella of products and services, we will be better positioned to service the growing needs of our customers, helping them improve efficiency."

Bill Tempany, CEO of FLYHT, stated, "Acquiring CrossConsense will expand FLYHT's product line with predictive maintenance and maintenance system services - two areas that are in high demand by our customers and synergistic with our current offering. The ability to utilize real-time AFIRS data in a maintenance environment is anticipated to provide a substantial impetus to our customers' Actionable Intelligence. Additionally, the combination is expected to establish a meaningful European presence for our company through which we can further build our global operations."

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